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PPG Plutus Powergen Plc

0.025
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Plutus Powergen Plc LSE:PPG London Ordinary Share GB00B1GDWB47 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.025 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

PPG's 3Q Earnings Up 36% On 2008 Charges; Results Top Views

15/10/2009 1:56pm

Dow Jones News


Plutus Powergen (LSE:PPG)
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PPG Industries Inc.'s (PPG) third-quarter profit rose 36% on prior-year restructuring charges, but the paint, glass and chemical maker continued to report weak demand. Results, however, topped analysts' expectations on cost cuts and higher margins.

Still, shares fell 2.2% premarket to $60.15. That comes after the stock has climbed nearly 50% the past three months.

The company has closed plants and cut jobs in two major restructurings in the past year as its industrial and automotive customers cut output. Chairman and Chief Executive Charles E. Bunch said in July that he expected market demand to improve in the third quarter, "but only mildly." He noted Thursday that things did improve modestly in the period from the first half of 2009.

He expects more "modest" gains this quarter.

PPG reported a third-quarter profit of $157 million, or 96 cents a share, up from $117 million, or 70 cents a share, a year earlier. Excluding restructuring and other impacts, earnings fell to 97 cents a share from $1.37 a share.

Revenue slid 24% to $3.23 billion, including a five-percentage-point impact from a divestiture.

Analysts surveyed by Thomson Reuters were looking for earnings, excluding items, of 89 cents a share on revenue of $3.13 billion.

Gross margin rose to 38.3% from 36.1%.

Earnings at PPG's performance-coatings segment, the company's biggest by sales, rose 5% on the cost cuts while revenue dropped 13%.

Industrial-coatings earnings climbed 21%, also on the belt-tightening, while sales dropped 19% as the business was again hurt by lower auto production. But demand was higher than earlier this year.

-By Mike Barris and Kevin Kingsbury, Dow Jones Newswires; 212-416-2330; mike.barris@dowjones.com

 
 

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